Bear Stearns Ousts Co-President Warren Spector After Hedge-Fund Losses

(Bloomberg) -- Bear Stearns Cos. ousted Co-President
Warren Spector after credit-market losses and eroding investor
confidence increased pressure for management changes at the
second-largest underwriter of securities tied to the slumping
U.S. housing market.

The board of the nation's fifth-biggest securities firm
agreed today that Alan D. Schwartz, 57, will become sole
president, the company said in a statement. Spector, 49, was
responsible for fixed income and asset management and was viewed
by analysts as the top candidate to succeed 73-year-old Chief
Executive Officer James E. Cayne.


Read more at Bloomberg Bonds News

Dollar eases as credit, risk aversion remain focus

(Reuters) - The dollar slipped modestly against a basket of major currencies on Monday, giving back some of last week's gains as investors geared up for a barrage of economic data this week and potentially more credit-driven market volatility.

As traders took stock of last week's rise in risk aversion on deepening concern about a possible credit crunch and a deteriorating U.S. housing market, high-yielding currencies like the Australian and New Zealand dollars lost ground on Monday.


Read more at Reuters Africa

Asian Stocks Rebound From 1-Month Low; JFE Gains, Hon Hai Precision Falls

(Bloomberg) -- Asian stocks rebounded from a one-
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. helped offset concerns of a slump in U.S. housing.

Toyota Motor Corp., the world's largest automaker by market
value, and Hon Hai Precision Industry Co., the biggest contract
manufacturer, led declines after a report showed a decline in U.S.
housing investment.


Read more at Bloomberg Stocks News

Ten-Year Treasury Yields Near 10-Week Low as Asia Stocks Follow U.S. Lower

(Bloomberg) -- Treasuries were little changed, with
10-year note yields near a 10-week low, as Asian stock markets
slumped because investors are shunning riskier assets.

The securities look set to add to last week's biggest gain
since the period ended Sept. 22 on concern a U.S. housing market
slowdown and defaults on subprime mortgages will weigh on the
broader economy. Japan's equity markets led the region lower,
with the Nikkei 225 Stock Average declining more than 1 percent.


Read more at Bloomberg Bonds News

Treasuries Head for Third Weekly Gain as Investors Avoid Riskier Assets

(Bloomberg) -- Treasuries headed for a third weekly
advance, pushing yields near the lowest since May, as the slump
in U.S. housing prompts investors to avoid riskier assets.

Investors seeking the safety of government debt this week
pushed yields on two-year notes, most sensitive to changing
monetary policy, 70 basis points lower than the Federal Reserve's
target rate. The risk of owning corporate bonds soared to a
record on concern that banks and hedge funds face widening losses
on subprime mortgages and leveraged buyouts.


Read more at Bloomberg Bonds News

Treasuries Gain as Housing Slump Prompts Investors to Flee Riskier Assets

(Bloomberg) -- Treasuries rose, adding to the
biggest weekly gain in more than two years, as concern the slump
in U.S. housing is prompting investors to flee riskier assets.

Benchmark 10-year notes increased for a fourth day as the
risk of owning corporate bonds soared to a record.


Read more at Bloomberg Bonds News

Dollar Falls to Record Low Versus Euro on Concern Subprime Losses to Mount

(Bloomberg) -- The dollar fell to a record low
versus the euro and headed for a sixth straight weekly drop as
concern increased that losses in subprime mortgages will worsen
a slowdown in U.S. housing and curb economic growth.

The currency also tumbled versus the yen as investors
exited riskier bets. Federal Reserve Chairman Ben S. Bernanke
said yesterday there will be ``significant financial losses'' on
mortgages given to people with poor credit histories.


Read more at Bloomberg Currencies News

Dollar Erases Gain Against Euro as Concern About U.S. Slowdown Increases

(Bloomberg) -- The dollar was little changed after
erasing a gain against the euro as concern increases that losses
in subprime mortgages will worsen a slowdown in the U.S. housing
market and curb economic growth.

The currency also pared its advance versus the yen as
investors avoided riskier assets and sought the safety of U.S.
government debt. Federal Reserve Chairman Ben S. Bernanke said
yesterday that losses on investments linked to mortgages given
to people with poor credit histories may total $100 billion.


Read more at Bloomberg Currencies News

Bernanke: Housing drag to ease, inflation a worry

(Reuters) - "Overall, the U.S. economy appears likely to expand at a moderate pace over the second half of 2007, with growth then strengthening a bit in 2008 to a rate close to the economy's underlying trend," he said in semiannual testimony prepared for delivery to the House of Representatives Financial Services Committee.




But Bernanke warned that a slowdown in the U.S. housing market may last longer than anticipated, and said that further hikes in energy and commodity prices could spark inflation and push closely watched core inflation up.


Read more at Reuters.com Business News

Copper Futures Drop in New York on Signs That U.S. Demand May Remain Weak

(Bloomberg) -- Copper fell for a third session in
New York, the longest string of declines in more than a month, on
signs demand may weaken in the U.S., the world's second-largest
consumer of the metal.

Permits for new U.S. home construction fell 7.5 percent in
June to an annual rate of 1.406 million, from 1.52 million in
May, the Commerce Department said today. Builders are the biggest
users of copper in the U.S. The metal has fallen 12 percent since
reaching a high in May 2006 as a U.S. housing slump slashed
demand.


Read more at Bloomberg Commodities News